API data shows U.S. crude-oil inventories up 4.78 million barrels: source

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The American Petroleum Institute on Tuesday afternoon reported that U.S. crude-oil inventories rose by 4.78 million barrels last week, according to a source, who cited the data. The trade group also saw a 1.14 million barrel rise in supplies at Cushing, Oklahoma, the delivery hub for New York Mercantile Exchange futures. U.S. gasoline supplies, meanwhile, were seen down 3.91 million, according to the source, while distillates were up 431,000 barrels. Official inventories data from the Energy Information Administration is due Wednesday morning. Analysts surveyed by The Wall Street Journal forecast the EIA data to show crude inventories up by 600,000 barrels, while gasoline supplies were seen up 100,000 barrels and distillate stocks down 100,000 barrels. West Texas Intermediate crude for June delivery CL00, +3.22% CL.1, +3.22% CLM22, +3.22% was at $101.71 a barrel in electronic trade, up a penny from its settlement Tuesday afternoon.

This article was originally published by Marketwatch.com. Read the original article here.

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